NASSAU, BAHAMAS — The third annual Charter Yacht Show in The Bahamas is facing a nearly 40 percent decline in registrations, with the Association of Bahamas Marina Operators’ chief warning that the country has lost its status as a preferred destination, becoming a “nightmare” for yachting due to rising costs and bureaucratic red tape, with some marinas reporting a 60 percent drop in occupancy.

The Bahamas Charter Yacht Show is set to take place from January 29 to February 2, 2025, following a significant increase in registrations last year, which saw the number of boats double over the first year. However, Peter Maury, president of the ABM, told Eyewitness News that those gains have effectively been diminished due to industry challenges such as rising costs and bureaucratic hurdles, which have driven boaters to other destinations like Turks and Caicos and the British Virgin Islands.

Maury explained: “Many boats have dropped out due to filing difficulties and other challenges in the industry. Last year, we were the largest show in the Caribbean, but this year, we’re not. A lot of brokers have decided not to attend because they’re unhappy with how they’ve been treated. More Bahamian businesses are going to suffer because of this, but I guess that’s the intention. We’ve gone from 62 boats last year to 39 this year. It’s disappointing. I remember the first show and all the progress we made. Last year was a big win, but now everything we’ve worked for has been undermined.”

Maury suggested that the government appeared more focused on cruise ships and large resorts than on small businesses or the family islands. “To them, we’re a small industry and not a priority. Other countries have made it easy to register boats and cruise their islands. Here, the process is bureaucratic, with so many stages that can take weeks. We were promised a portal to pay fees, but after three years and millions spent, nothing’s been done. Now, boats need a transire, a VAT certificate, and have to submit VAT returns—none of which were required before. It used to be simple—pay, get your permits, and go. Now, all the revenue that was coming in has been lost.”

He added, “It’s not just us being hurt; it’s small Bahamian businesses across the country. Many have closed down. The government doesn’t seem to care—they’re more focused on large resorts and cruise lines. For the people who rely on small businesses—taxi drivers, provisioners, local cleaners—it’s a major blow. It’s hard to make the Bahamas a preferred destination anymore. For these boats, it’s become a tax nightmare and a liability. They’re now spending their money in places like Turks and Caicos and the BVI. There’s not much we can do about it now.”